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Success in Fish Feed for Nutreco, Revenue in Q3 Up

29 October 2012

NORWAY - Nutreco has reported an increase in revenue of 13 per cent in the third quarter of 2012, compared to third quarter results from 2011. Success in the fish feed sector offset poorer results in other livestock feeds.

Fish feed revenues increased by 21 per cent driven by a 15 per cent total volume growth of which six per cent is organic and a nine per cent contribution from the Shihai acquisition.

An acquisition in Ecuador has made Nutreco the third largest producer of shrimp feed globally.

Knut Nesse, CEO said: "I am satisfied with the overall results in the face of tough economic conditions and against a background of higher raw material prices affecting our customers. With innovative and sustainable feed solutions we are supporting our customers to cope in these challenging times.

"Our Animal Nutrition business saw higher revenues due to price effects. The volumes were lower in our mature markets. In our Premix and Feed Specialties segment operating margins increased driven by good performances in growth geographies such as China, Russia and Indonesia, and higher margin nutritional solutions.

"Volume growth in our Fish Feed business occurred in both salmonid and non-salmonid fish species with significantly higher volumes from our new Shihai business in China. The recently announced acquisition of the leading Ecuadorian shrimp and fish feed business underscores our commitment to deliver on our fish feed strategy. We continue to expand in growth geographies and feed for non-salmonid fish species and shrimp whilst maintaining our leading position in salmon.

"Based on the business developments in the third quarter I am confident we will achieve a full year EBITA before exceptional items of approximately EUR 260 million, a double-digit improvement compared to 2011."

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